News Release

WYOMISSING, Pa.--(BUSINESS WIRE)--June 2, 2005--The Specialty
Alloys Operations unit of Carpenter Technology Corporation (NYSE:CRS)
announced that effective immediately it is increasing prices 5-10% on
all premium melted alloys used in markets including aerospace,
automotive, electronics, medical, power generation and oil and gas.

Additionally, due to the unprecedented rise in nickel premiums, it
will change its surcharge mechanism to increase the nickel premium
component from $.23/lb. to $.30/lb. The change is effective
immediately.

Carpenter Technology, based in Wyomissing, Pa., is a leading
manufacturer and distributor of specialty alloys and various
engineered products. More information about Carpenter Technology is
available at www.cartech.com.